PhonePe digitises 25 million merchant, kirana stores across India

Digital payments platform PhonePe has announced that it has digitised 25 million small merchant and kirana shops in India. PhonePe said that offline merchant transactions on its platform have shown 200 percent growth since last year. The company attributed this growth to the rapid expansion in offline merchant acceptance across geographies with a 1.2 lakh strong field force.

The company has a merchant network in 15,700 towns and villages, constituting 99 per cent pincodes in India. PhonePe announced its plans to hit the 25 million number by 2021-end and achieved this target ahead of schedule. PhonePe founder and CEO Sameer Nigam claimed that the company has emerged as the country’s largest digital payments platform and that it is leading key metrics like value and volume of transactions, registered users and merchant coverage.

“Earlier this year, we undertook the target of digitizing over 25 million kiranas across India, and we have achieved this milestone in record time, due to our relentless focus in making payments accessible to the last mile, and our strong execution capabilities,” Nigam said.

PhonePe also processed over 1 billion P2M (person-to-merchant) transactions including payments made by users at offline and online stores and all utility payments like recharges, bill payments and financial services. As per its official statement, PhonePe has cemented its position as India’s leading fintech platform in both P2M and P2P (peer-to-peer) transactions.

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